(DAILY CALLER) Four-year old insurance startup Oscar Insurance Corp. announced Tuesday it plans to pull out of two Obamacare marketplaces in the wake of massive losses largely attributed to Affordable Care Act plans.
The insurer is slated to leave markets in Dallas, an area they entered just this year, and New Jersey next year.
“The individual market isn’t working as intended and there are weaknesses in the way it’s been set up,” Chief Executive Officer Mario Schlosser told Bloomberg. “We want to focus on the markets we understand well, we want to focus on the markets where we have our own model in place.
Advertisement - story continues below